The total market value of stablecoins rose steadily as new entrants joined the fray. It wasn’t until 2018 that a new wave of dollar-backed stablecoins - such as USDC and PAX - hit the market, providing crypto traders and investors with a broader choice in price-stable digital currencies. Benefiting from its first-mover advantage, the somewhat-controversial stablecoin has managed to maintain the top spot as the most-used stablecoin in the global crypto capital markets. The first-ever stablecoin, Tether USD, was launched in 2014. The top five leading stablecoins (measured by market capitalization) are Tether USD (USDT), USD Coin (USDC), Dai (DAI), Binance USD (BUSD), and Paxos Standard (PAX). Stablecoins act as a bridge between fiat and digital currency by providing the benefits of open, accessible, borderless cryptocurrency with the stability of sovereign currencies For example, Binance USD (BUSD) is backed 1:1 by US dollars held in a bank account. Price stability is typically achieved with each coin backed by a fiat currency or commodity to achieve parity with the pegged asset. And so they exist to offer a more stable alternative - hence the name. In short: the main goal is to retain price stability. Stablecoins are a type of digital currency that seek to avoid the price volatility associated with cryptocurrencies such as BTC, ETH, and BNB. Read on to learn what stablecoins are, why they’ve become so popular, and which ones you can buy, hold, and trade on Binance Smart Chain (BSC). In less than twelve months, the stablecoin market went from a few billion dollars in market capitalization to a total value of over $30 billion, fuelled by the demand for a stable store of value and as an on-ramp in the burgeoning DeFi markets. Stablecoins on Binance Smart Chain provide a seamless on-ramp to the chain’s fast-growing DeFi ecosystem

List of all defi coins